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The surgical kits market is expected to grow at a CAGR of 8.3%. The surgical kits market is expected to witness a robust growth due to the rising prevalence of chronic diseases, increasing number of minimally invasive surgeries across the globe is anticipated to accelerate the market growth.
Rising Number of Surgical Procedures across the Globe Boosts the Growth of Surgical Kits Market
According to the American Society of Plastic Surgeons, nearly 1.8 million surgical cosmetic procedures and about 15.5 million minimally invasive surgeries were being performed in the US in 2015. Hence, the procedures performed has increased the hospital admissions and procedures significantly that helps in the growth of the market globally. Thus the rise in surgical procedures across the globe has seen a significant increase in the uptake of surgery for all age groups. The most significant increases were seen in the oldest age groups, which increases the patient populations and leads to the increase in hospital admissions and the growth of surgical kits market.
Surgical Kits Market Major Players:
Braun Melsungen AG,
Boston Scientific Corporation,
Cardinal Health,
Johnson & Johnson,
Kimberly-Clark Corporation,
Medtronic PLC.,
Novartis International AG (Alcon Laboratories Inc.),
Stryker Corporation,
Smith & Nephew PLC and
Zimmer Biomet among others.
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The other driving factors also include growing demand for minimally invasive surgeries, the rise in awareness about hospital-acquired infection and the global rise in geriatric population associated with the increase in the number of surgeries.
High Cost of Surgical Procedures
The high cost involved in the surgeries and the absence of proper reimbursement structure in emerging economies may hamper the growth of the surgical kits market in the coming years. The hospital stays are most expensive in the US. The rising cost of surgical procedures leads to the patient to opt for alternative treatment medications. The hospital stays are also expensive in the US as compare to other geographical regions. As per the report published by Healthcare Cost and Utilization Project (HCUP) the average hospital stay in the US costs around USD 10,000. Some surgeries may take a longer duration of hospital stay to heal the patient properly. Thus, the rising cost of surgical procedures and hospital stay will impede the growth of the market over the forecast period. and the other factors which hinder the market growth is unfavorable reimbursement scenario.
North America Dominates the Surgical Kits Market
The US has emerged as the key domestic market for the surgical kits in North America on account of the continuous technological developments and the rising uptake of minimally invasive surgeries. The growth in North America and Europe was primarily driven by advent of new technologies, growing aging population, favorable regulatory framework, and high per capita income.
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Key Developments in the Surgical Kits Market
Mar 2017: Ethicon and Depuy Synthes Introduce Customized Wound Closure Kits Aiming to Improve Efficiencies and Patient Outcomes in Orthopaedic Surgery
Reasons to Purchase the Surgical Kits Market Report
Analyzing various perspectives of the surgical kits market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players
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